Cryptanite Receives MSB Status in the US - Dec 13, 2018
Published: Dec 13, 2018 1:37 p.m. ET
December 13, 2018 (ACCESSWIRE via COMTEX) -- ST. JULIAN'S, MALTA and VANCOUVER, BC / ACCESSWIRE / December 13, 2018 / Cryptanite Blockchain Technologies Corp. (cse:NITE)(otcqb:CRBTF)(fra:98AA) announced that, on December 13, 2018, Cryptanite Ltd, a wholly-owned subsidiary of Cryptanite Blockchain Technologies Corp., confirmed its registration with the United States Treasury Departments as a money services business (an "MSB") in the Money Transmitter subcategory under Bank Secrecy Act regulations, which are administered by the U.S. FinCEN (Financial Crimes Enforcement Network).
The MSB status allows Cryptanite to transmit funds on behalf of customers in the United States in compliance with U.S. Treasury Regulations and, in particular, requirements of the Financial Crimes Enforcement Network (FinCEN). Since 2014, FinCEN has extended theapplication of the MSB requirements to virtual currencies. Therefore, the MSB status applies to both fiat and cryptocurrency payments transmitted via Cryptanite.
Cryptanite's MSB registration underlines its commitment, which is consistent with its status as a public company, to operate its businesses in a fully-regulated, legally-compliant and transparent manner and to preventing fraud and money laundering in the cryptocurrency space. Further, all users of Cryptanite must undergo Know Your Customer (KYC) and Anti-Money Laundering (AML) checks at the initial sign up stage, before trading on the Cryptanite platform.
Attaining the MSB registration represents an opportunity for further growth of Cryptanite's U.S. business, building on its achievement of some significant milestones over recent months. These accomplishments include the establishment of a new subsidiary office in Malta, as well as the introduction of innovative new products such as their cryptocurrency ETF-style bundles and their Twitter sentiment analysis tool, among others.
With the MSB registration, Cryptanite is now pleased to offer its range of decentralized portfolio management tools to traders and investors throughout the U.S. Using the Cryptanite platform, customers have access to a wide range of top-performing cryptocurrencies. Retail and institutional customers can be confident that their digital assets are held within a secure and compliant blockchain-based ecosystem, with access to cutting-edge tools that help in making informed investment decisions.
